Maritime Surveillance Market Size (2024 - 2029)

Maritime Surveillance Market Analysis

The Maritime Surveillance Market is anticipated to grow at a CAGR of 9.5% during the forecast period.

The COVID-19 pandemic has had a negative effect on the maritime surveillance market. The pandemic led to various governments around the world imposing stringent regulations and banning the import and export of raw materials, which led to a sudden downfall regarding the valuable parts needed for the manufacturing of maritime surveillance systems. Additionally, manufacturers in various nations were forced to shut down their businesses wholly or partially due to the global lockdown. Furthermore, the pandemic also led to delays in terms of activities as well as initiatives concerning the development of advanced maritime surveillance systems. The decline in the COVID-19 pandemic led various governments worldwide to ease up on the stringent regulations which were in place and open up the borders, which led to a free flow of trade and availability of raw materials, parts, and components for manufacturers to resume production and meet the increasing maritime surveillance procurement demand. Thus, this will lead to the market growing steadily in the years to come.

The maritime traffic worldwide is expected to grow due to global sea trade. The growth in seaway transportation has led to expansion in the presence of various trader vessels at sea, which has increased the number of oceanic criminal activities in recent years. These challenges have prompted nations worldwide to develop and upgrade their surveillance and intervention solutions to prevent criminal activities. This will lead to the market witnessing growth in the long run.

Maritime Surveillance Industry Segmentation

Maritime surveillance involves the collection, analysis, data fusion, and sharing of data. The information is captured through a wide variety of sensors and sensor combinations operating in various segments of the spectrum (electronic signals, imagery, communications, and acoustics, amongst others.

The report has been segmented by application, component, type, and geography. By application, the market is segmented into naval, coastguard, and others. The market is segmented by components: radar, sensor, transponder, and others. By type, the market is segmented into surveillance and tracking, detector, and others. By geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The report also covers market sizes and forecasts of different geographical regions. Moreover, the report offers a market forecast represented by USD million. Furthermore, the report includes various key statistics on the market status of leading market players and provides key trends and opportunities in maritime surveillance.